British manufacturers beg Treasury for more support to weather ‘the immediate storm’ June 20, 2022 British manufacturers have called on the Treasury to offer more support amid a poor economic outlook to help “weather the immediate storm”. Make UK, trade body for manufacturers, and consultancy BDO found that costs are continuing to rise and output opportunities have been stifled. A survey revealed that two thirds of companies (67.8 per cent) [...]
Letters: A vital crypto winter June 20, 2022 [Re: Coinbase to cut staff by 18 per cent as it warns of crypto winter, June 14] Hailed by many cynics as the downfall of crypto, the recent crypto crash is symptomatic of the broader volatility of the crypto market and of the wider economy. Crypto exchanges have grown at a rapid rate over the [...]
BNPL firms welcome UK government plans to regulate the sector June 20, 2022 Buy-now pay-later (BNPL) firms today welcomed the UK government’s long-awaited plans to regulate the sector amid concerns that more people are turning to such services as the cost of living rises. Under plans announced today, the government said that BNPL firms – which provide shoppers with short-term interest-free credit to delay paying for goods – [...]
1 Minute Market Rundown – 17th June 2022 June 17, 2022 Volatility ReignsUSD Bruised But Beaten YetCrypto Holds….For Now Well yesterday was not a day for the faint hearted – again! The SNB and the BOE both raised rates, one surprising the market by its move and one sticking to the script. The BOE acknowledged that inflation is out of control and the market took this [...]
US Fed rate hike rally runs out of steam as Wall Street tumbles June 16, 2022 Wall Street bottomed out today after the rally triggered by the US Federal Reserve yesterday flexing its inflation fighting muscles ran out of steam. Traders ditched stocks as they brace for Fed chair Jerome Powell and fellow rate setters following an extremely hawkish path on interest rates. The tech-heavy Nasdaq, which has suffered heavy losses [...]
Revenue dips for musicMagpie as book sales slump June 16, 2022 Seller of refurbished products musicMagpie posted a solid performance for its half year results this morning, despite economic headwinds battering the industry.
Bitcoin bounces back after biggest US rate rise in quarter century June 16, 2022 The Bitcoin price has recovered somewhat over the past 24 hours, rising to just below $22k again this morning.
Asos warns profit will be hit as shoppers return more clothes amid cost of living crunch June 16, 2022 Asos has warned it is expecting lower profit this year after an increase in customers returning clothes due to the pressures of higher living costs. Asos lowered forecasts for the year, with sales anticipated to be in the range of four per cent and seven per cent, which it put down to “market volatility and [...]
Taco Bell ‘on fire’ as Mexican fast-food chain gears up for 100th UK site June 16, 2022 “We’re on fire” is how Taco Bell International’s president Julie Felss Masino described the Mexican fast food chain’s rollout to CityA.M. After launching 50 sites in the UK over the past decade, the US-based firm has expanded by another extra 50 sites in just the past 18 months. The chain, a subsidiary of Pizza Hut [...]
Speedy recovery of business air travel will bring billions to UK economy June 16, 2022 A speedy recovery of business air travel could bring extra billions into the UK’s pockets, according to a study published today by WPI Economics. Figures showed that business travellers returning to pre-pandemic levels by 2023 would lead growth rates increasing by 50 per cent by 2030, whereas passenger levels going back by 2025 would cause [...]